Saturday, May 7, 2016

Puerto Rican Financial Crisis Forces Treasury Secretary Lew to Head to the Island

On Monday, Treasury Secretary Jacob. Lew will travel to San Juan, Puerto Rico as part of the Administration’s continued engagement with the Commonwealth to overcome its financial crisis.

While in San Juan, Secretary Lew will highlight how the debt crisis has already harmed the health, safety, and welfare of the 3.5 million Americans living in Puerto Rico.

Secretary Lew will also reiterate his call for Congressional action that provides Puerto Rico with access to an orderly restructuring regime and independent oversight while respecting the Commonwealth’s self-governance.

Restructuring, of course, means bankruptcy, and it should be done to lift the burden off the innocent people of Puerto Rico, who otherwise will be squeezed by higher taxes and fees to please the banksters.